Risk Management in
Islamic Financial Instruments
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11 Strengthen and enhance collaboration among the international Islamic financial infrastructure
institutions
15* Foster and embrace innovative business models, including new technologies and delivery channels, in
offering Islamic financial services
Reach
3 Enhance access by the large majority of the population to financial services and enhance access to
funding for SMEs and entrepreneurs
10 Promote public awareness of the range of Islamic financial services
13 Conduct initiatives and enhance financial linkages to integrate domestic IFSI with regional and
international financial markets
16* Strengthen contributions to the global dialogue on financial services, offering principles and
perspectives to enhance the global financial system
Source: Islamic Research and Training Institute (2014): Islamic Financial Services Industry Development: Ten Year
Framework and Strategies, A Mid-Term Review
The mid-term review of the Ten-Year Framework by the IFSB, IRTI, and IDB Group revealed
that there was still a great deal of work to be done at the halfway point to achieve the goals set
out in the recommendations of the Framework. The IRTI, et al. concluded that, while “concrete
progress” has been made towards all of the recommendations, none have been entirely
achieved, and more focus is required by member countries in order to implement the 16
recommendations (A Mid-Term Review 7-16). While there has been much discussion
surrounding the Framework, implementation has been a challenge. In grouping the 13
recommendations and the additional three recommendations into three categories of
enablement, performance and reach, the IFSB, IRTI, and IDB Group proposed over 70
initiatives to aid in the better implementation of the recommendations. The 70 initiatives were
narrowed to 20 key initiatives using key performance indicators (KPIs).